DGAP-News: HAMBORNER REIT AG / Key word(s): Half Year Results/Real
Estate
HAMBORNER REIT AG: Operating activities healthy in first half of 2014
12.08.2014 / 07:45
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HAMBORNER REIT AG: Operating activities healthy in first half of 2014
- Rental and leasing income up around 5%
- Further market opportunities being leveraged to streamline portfolios
- Net profit for the period doubles, FFO increases around 2%
Duisburg, 12 August 2014 - HAMBORNER REIT AG has enjoyed a successful first
half of 2014. Rental and leasing income for the first six months rose by
around 5.2% on the previous year's level to a total of EUR23.3 million. The
vacancy rate is still at a low level of 2.5%. The result from the disposal
of properties as at 30 June 2014 was EUR7.9 million after EUR351 thousand
in the previous year and results from the sale of properties in Moers,
Wuppertal and Hanover in the first quarter and an office property in
Frankfurt in the second quarter of the reporting year. The net profit for
the period was up in the first half of the year and more than doubled to
EUR11.8 million (previous year: EUR5.6 million).
As part of its strategy of buying larger properties while at the same time
selling smaller properties no longer consistent with strategy, HAMBORNER
continued to successfully leverage market opportunities. Along with the
addition of the property in Bad Homburg reported in the first quarter of
the reporting year, the purchase agreement for a retail property ("T-Damm
Center") in Berlin was signed for around EUR16.4 million. The property is
expected to be handed over at the end of 2015. Furthermore, the purchase
agreement for an office property in Aachen with a purchase price of EUR26.9
million was signed in April. Ownership is expected to transfer at the start
of 2015.
In terms of sales, the properties in Moers, Wuppertal and Hanover were
handed over to their respective owners in January and February 2014. They
were followed by a property in Frankfurt in April. Total proceeds of
EUR16.2 million were generated from these sales, offset by residual
carrying amounts and costs to sell of EUR8.3 million. Furthermore, the sale
agreement for a property in Berlin for EUR4.9 million was sold in April.
The property was transferred after 30 June 2014 in early July. The contract
to sell a smaller office property in Hamburg was also closed after the end
of the reporting period. The sale price is EUR1.9 million.
The updated market value of the developed property portfolio taking into
account the above changes in the portfolio was EUR686.0 million as at the
end of the first half of the year (31 December 2013: EUR691.8 million).
FFO was around EUR12.7 million or EUR0.28 per share in the first six
months. It was therefore up 2.2% on the previous year's level.
The Managing Board is standing by its last basic estimates regarding future
business prospects as published in the 2013 annual report. The sale of
smaller properties no longer consistent with strategy has been highly
successful to date. According to current estimates and depending of further
acquisitions and sales, the Managing Board is aiming for a rise of around
3% to 4% in rental income, with FFO for the current financial year to rise
by a similar amount.
After the payment of the dividend of 40 cents per share in May, NAV
amounted to EUR8.09 per share as at 30 June 2014 (EUR8.25 as at 31 December
2013). The company's financial situation remains comfortable. The REIT
equity ratio is 51.6% and the loan-to-value (LTV) ratio 44.1%.
Key figures as at 30 June 2014
<pre>
30 Jun. 2014 30 Jun. 2013
Rental and leasing income EUR23.3 EUR22.2
million million
EBITDA EUR27.1 EUR19.5
million million
Earnings before depreciation and amortisation EUR20.5 EUR13.7
(EBDA) million million
Net profit for the period EUR11.8 EUR5.6
million million
Funds from operations (FFO), absolute EUR12.7 EUR12.4
million million
Funds from operations (FFO) per share EUR0.28 EUR0.27
30 Jun. 2014 31 Dec. 2013
REIT equity ratio 51.6% 52.5%
Loan-to-value (LTV) 44.1% 43.7%
Net asset value (NAV) per share EUR8.09 EUR8.25
</pre>
About HAMBORNER REIT AG
HAMBORNER REIT AG is a stock exchange-listed public limited company that
today exclusively operates in the property sector and is positioned as a
portfolio holder for high-yielding commercial properties. The company has
sustainable rental incomes, with a nationally-dispersed substantial
property portfolio as its foundation. Attractive retail trade spaces in key
town centre sites of German cities and intermediate centres form the focal
point of the portfolio. In addition, the property portfolio includes
highly-frequented specialist stores and profitable office buildings, as
well as spaces for medical practices.
HAMBORNER REIT AG stands out due to its many years of experience in the
property and capital market, its lean and transparent corporate structure
as well as its special proximity to the tenants. Since February 18, 2010
HAMBORNER has been a registered Real Estate Investment Trust (REIT) and
benefits at company level from exemption from corporation and trade tax.
PR/IR:
Sybille Schlinge
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-mail: s.schlinge@hamborner.de
Web: www.hamborner.de
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Language: English
Company: HAMBORNER REIT AG
GoethestraÃe 45
47166 Duisburg
Germany
Phone: 0203/54405-0
Fax: 0203/54405-49
E-mail: info@hamborner.de
Internet: www.hamborner.de
ISIN: DE0006013006
WKN: 601300
Indices: SDAX
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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281463 12.08.2014
DGAP-News: HAMBORNER REIT AG: Operating activities healthy in first half of 2014
| Source: EQS Group AG